PetroChina strikes pacts with UK's Ineos
11 Jan 2011
Ineos, the operators of the second oldest refinery in the UK, Grangemouth, has signed a deal with PetroChina to safeguard the future of the facility.
PetroChina has also entered into a similar agreement with another Ineos refinery at Lavera in France. The Grangemouth deal will secure 2,000 Scottish jobs, the Scottish government said.
The deal is expected to be finalised by the end of June.
The joint venture with China's largest oil and gas producer was confirmed after Chinese Vice Premier Li Keqiang arrived for a four-day visit to the UK.
No details have emerged about the value of the deal.
Two years ago Ineos was given £7.6 million by the Scottish Government as part of a £110-million upgradation plan.